Tradeweb Markets Inc.

TWTradeweb Markets Inc. US flag

NASDAQ Global Select

100.43

USD

+2.45

- -

21.40BMarket Cap

Income Statement (USD)

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	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Sales/Revenue/Turnover	492	504	658	776	893	1,076	1,189	1,338	1,726	2,052
+ Sales & Services Revenue	492	504	658	776	893	1,076	1,189	1,338	1,726	2,052
- Cost of Revenue	229	249	289	329	350	407	432	460	593	671
+ Cost of Goods & Services	229	249	289	329	350	407	432	460	593	671
Gross Profit	264	255	368	446	543	669	756	878	1,133	1,382
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	170	166	196	223	268	298	330	382	448	536
+ Selling, General & Admin	90	98	114	117	126	139	165	187	235	296
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	81	69	82	106	142	159	165	195	212	240
Operating Income (Loss)	93	89	172	223	275	372	426	496	686	845
- Non-Operating (Income) Loss	1	-1	-3	-2	- -	2	-11	-52	-69	-330
+ Interest Expense, Net	1	- -	- -	- -	- -	- -	-12	-65	-70	-66
+ Interest Expense	1	- -	- -	- -	- -	- -	2	2	4	2
- Interest Income	1	- -	- -	- -	- -	- -	14	67	74	68
+ Other Non-Op (Income) Loss	- -	-1	-3	-2	- -	2	1	13	1	-263
Pretax Income	92	90	175	225	274	370	437	548	754	1,175
- Income Tax Expense (Benefit)	-1	6	15	52	56	97	78	128	184	253
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	93	84	159	173	218	273	360	420	570	922
- Net Extraordinary Losses (Gains)	- -	- -	- -	136	104	93	101	109	137	217
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	136	104	93	101	109	137	217
Income (Loss) Incl. MI	93	84	159	37	114	181	259	310	433	704
- Minority Interest	- -	- -	- -	-47	-52	-46	-50	-55	-68	-109
Net Income, GAAP	93	84	159	84	166	227	309	365	502	813
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	93	84	159	84	166	227	309	365	502	813
EBIT	93	89	172	223	275	372	426	496	686	845
EBITDA	174	158	254	362	429	543	605	681	906	1,095
EBITDA Margin (%)	35.35	31.26	38.64	46.71	48.01	50.43	50.9	50.9	52.48	53.37
EBITA	93	89	172	223	275	372	426	496	686	845
Gross Margin (%)	53.56	50.65	55.98	57.52	60.83	62.17	63.62	65.6	65.66	67.32
Operating Margin (%)	18.92	17.66	26.2	28.75	30.78	34.52	35.85	37.05	39.73	41.18
Profit Margin (%)	18.93	16.58	24.25	10.8	18.63	21.07	26.02	27.27	29.06	39.6
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	0.57	0.67	1.42	1.05	0.32	0.32	0.32	0.36	0.4	0.48
Depreciation Expense	81	69	82	139	154	171	179	185	220	250
Basic Weighted Avg Shares	227	227	123	148	180	201	206	211	213	213
Basic EPS, GAAP	0.41	0.37	1.29	0.57	0.92	1.13	1.5	1.73	2.35	3.81
Basic EPS from Cont Ops	0.41	0.37	1.29	1.17	1.21	1.36	1.75	1.99	2.68	4.32
Diluted Weighted Avg Shares	227	227	123	157	188	207	208	213	215	215
Diluted EPS, GAAP	0.41	0.37	1.29	0.54	0.88	1.09	1.48	1.72	2.33	3.78
Diluted EPS from Cont Ops	0.41	0.37	1.29	1.11	1.16	1.32	1.73	1.97	2.65	4.29

Balance Sheet (USD)

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	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Current Assets	- -	438	688	597	910	1,127	1,439	2,294	1,694	2,419
+ Cash, Cash Equivalents & STI	- -	353	410	461	791	972	1,257	1,706	1,340	2,085
+ Cash & Cash Equivalents	- -	353	410	461	791	972	1,257	1,706	1,340	2,085
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	- -	74	265	126	106	133	157	550	298	275
+ Accounts Receivable, Net	- -	74	265	126	106	130	154	550	290	266
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	3	3	- -	8	8
+ Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	- -	11	13	11	13	22	25	38	56	59
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	- -	879	4,309	4,498	4,770	4,863	4,821	4,765	5,574	5,771
+ Property, Plant & Equip, Net	- -	27	35	65	63	52	62	59	80	201
+ Property, Plant & Equip	- -	114	38	65	63	52	62	59	80	201
- Accumulated Depreciation	- -	87	3	- -	- -	- -	- -	- -	- -	- -
+ LT Investments & Receivables	- -	- -	- -	- -	- -	- -	- -	- -	11	292
+ LT Investments	- -	- -	- -	- -	- -	- -	- -	- -	11	292
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	- -	852	4,274	4,433	4,707	4,812	4,759	4,707	5,483	5,278
+ Total Intangible Assets	- -	827	4,246	4,149	4,045	4,116	3,995	3,952	4,728	4,568
+ Goodwill	- -	563	2,695	2,695	2,695	2,780	2,780	2,816	3,150	3,150
+ Other Intangible Assets	- -	263	1,551	1,455	1,350	1,336	1,215	1,136	1,578	1,418
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	- -	25	28	284	662	695	764	755	755	709
Total Assets	- -	1,317	4,997	5,095	5,680	5,990	6,260	7,060	7,268	8,190
+ Payables & Accruals	- -	198	243	307	454	456	491	868	537	531
+ Accounts Payable	- -	32	214	63	43	39	58	409	163	187
+ Accrued Taxes	- -	- -	- -	241	404	412	426	458	373	337
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	- -	166	29	3	7	5	7	1	1	7
+ ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Borrowings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	- -	30	28	24	23	25	23	26	31	29
+ Deferred Revenue	- -	30	28	24	23	25	23	26	31	29
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Current Liabilities	- -	227	271	331	478	481	514	894	568	560
+ LT Debt	- -	- -	- -	31	34	24	28	27	36	139
+ LT Borrowings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Finance Leases	- -	- -	- -	31	34	24	28	27	36	139
+ Other LT Liabilities	- -	103	154	141	149	176	172	207	266	301
+ Accrued Liabilities	- -	- -	20	22	19	21	21	21	43	50
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	- -	103	134	119	129	155	151	186	223	251
Total Noncurrent Liabilities	- -	103	154	172	183	200	200	234	302	440
Total Liabilities	- -	330	425	503	661	681	714	1,128	869	1,000
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	- -	1,000	- -	3,329	4,143	4,401	4,577	4,739	4,813	4,896
+ Common Stock	- -	1,000	- -	- -	- -	- -	- -	- -	- -	- -
+ Additional Paid in Capital	- -	- -	- -	3,329	4,143	4,401	4,577	4,739	4,813	4,896
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	- -	- -	- -	48	156	243	387	640	997	1,601
+ Other Equity	- -	-13	-1	1	4	2	-10	-5	-10	11
Equity Before Minority Interest	- -	986	4,572	3,379	4,303	4,646	4,954	5,374	5,800	6,508
+ Minority/Non Controlling Interest	- -	- -	- -	1,214	716	663	593	558	599	681
Total Equity	- -	986	4,572	4,593	5,019	5,309	5,546	5,931	6,399	7,189
Total Liabilities & Equity	- -	1,317	4,997	5,095	5,680	5,990	6,260	7,060	7,268	8,190
Shares Outstanding	- -	123	123	163	195	203	208	212	213	212
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	- -	- -	- -	31	34	24	28	27	36	139
Net Debt	- -	-353	-410	-461	-791	-972	-1,257	-1,706	-1,340	-2,085
Net Debt to Equity	- -	-35.74	-8.97	-10.03	-15.77	-18.31	-22.67	-28.77	-20.95	-29
Tangible Common Equity Ratio	- -	32.58	43.43	46.87	59.59	63.64	68.49	63.7	65.79	72.38
Current Ratio	- -	1.93	2.54	1.81	1.91	2.34	2.8	2.57	2.99	4.32
Cash Conversion Cycle	- -	3.68	-60.54	-61.46	-8.09	3.3	2.79	-89.29	-87.49	-45.85

Cash Flow Statement (USD)

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	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
+ Net Income	93	84	159	173	218	273	360	420	570	922
+ Depreciation & Amortization	81	69	82	139	154	171	179	185	220	250
+ Non-Cash Items	20	58	25	32	93	125	107	178	115	-88
+ Stock-Based Compensation	- -	- -	- -	50	39	52	67	65	90	104
+ Deferred Income Taxes	-6	-1	4	-18	54	73	39	99	25	83
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Cash Adj	26	59	21	- -	- -	- -	1	13	- -	-274
+ Chg in Non-Cash Work Cap	-22	15	11	-33	-22	9	-13	-36	-7	84
+ (Inc) Dec in Accts Receiv	-17	11	-22	-4	-12	-22	-17	-21	-68	-6
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	-2	1	-2	2	-2	9	-4	-13	-17	-3
+ Inc (Dec) in Accts Payable	9	11	49	-22	21	19	10	10	86	112
+ Inc (Dec) in Other	-12	-8	-14	-9	-30	3	-1	-13	-8	-18
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	172	225	277	311	443	578	633	746	898	1,168
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-10	-13	-15	-16	-11	-17	-23	-19	-41	-41
+ Acq of Fixed Prod Assets	-10	-13	-15	-16	-11	-17	-23	-19	-41	-41
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	- -	- -	- -	1,971	626	-76	-99	-35	-59	-104
+ Increase in Capital Stock	- -	- -	- -	1,971	626	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	- -	- -	- -	- -	- -	-76	-99	-35	-59	-104
+ Net Change in LT Investment	- -	-5	- -	- -	-20	- -	- -	-1	-20	-38
+ Dec in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc in LT Investment	- -	-5	- -	- -	-20	- -	- -	-1	-20	-38
+ Net Cash From Acq & Div	-15	- -	- -	- -	-20	-208	- -	-70	-860	- -
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	-15	- -	- -	- -	-20	-208	- -	-70	-860	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-25	-27	-27	-29	-11	-34	-37	-43	-48	-48
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-51	-46	-42	-44	-63	-259	-60	-133	-969	-127
+ Dividends Paid	-130	-152	-175	-156	-58	-65	-66	-76	-85	-102
+ Net Cash From Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash From Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Repayments of Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Financing Activities	-1	-1	- -	-2,033	-621	4	-111	-57	-146	-101
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-131	-153	-175	-218	-53	-136	-277	-168	-290	-307
Effect of Foreign Exchange Rates	-6	3	-2	2	3	-2	-11	4	-4	11
Net Changes in Cash	-9	26	60	48	328	183	296	445	-362	734
EBITDA	174	158	254	362	429	543	605	681	906	1,095
EBITDA Margin (%)	35.35	31.26	38.64	46.71	48.01	50.43	50.9	50.9	52.48	53.37
Free Cash Flow	162	211	262	295	432	561	610	728	857	1,127
Net Cash Paid for Acquisitions	15	- -	- -	- -	20	208	- -	70	860	- -
Free Cash Flow to Firm	- -	211	262	295	432	561	611	729	860	1,129
Free Cash Flow to Equity	- -	211	262	295	432	561	610	728	857	1,127
Free Cash Flow per Basic Share	0.71	0.93	2.12	1.99	2.39	2.79	2.97	3.45	4.02	5.29
Price/Free Cash Flow	- -	- -	- -	21.72	25.43	34.45	20.46	25.19	29.98	19.13
Cash Flow to Net Income	1.84	2.68	1.74	3.71	2.67	2.55	2.05	2.04	1.79	1.44
Capital Expenditures	-10	-13	-15	-16	-11	-17	-23	-19	-41	-41